Credit Unions Dot List of FIs Touted for Fin Lit, Economic Impact

A dozen credit unions from coast to coast were recently saluted for playing a crucial role in the economic well-being of their communities by donating an above-average amount of time and money to educational outreach.

In a recent article emphasizing the relationship between education and the economy, the personal website GoBankingRates.com recognized 20 credit unions and local banks for their devotion to supporting students, teachers and schools in innovative ways.

“There’s an unquestionable tie between the health of a local school system and the economic stability of its surrounding community,” said Casey Bond, GoBankingRates managing editor.

“Communities without a bank or credit union pumping significant time and money into improving the school system as a whole are bound to experience a less-educated workforce, lower wages and higher unemployment,” Bond said.

For example, she pointed to the $2.4 billion Mission Federal Credit Union, which donates $25 to San Diego schools every time a member opens a checking account and sponsors “Mission 2 $ave,” an award-winning financial literacy program.

“It’s impressive to see how many credit unions contribute to building strong local economies by promoting financial literacy, funding early childhood education, donating to academic scholarships, advocating for career-oriented skill building and making various other community service efforts,” Bond said.

Twelve credit unions and eight local banks made the GoBankingRates list. Here are the credit unions: